Trade and Bills Payable

3 Months Ended

Mar. 31, 2023

Trade and Bills Payable [Abstract]

Trade and Bills Payable

13. Trade and Bills Payable

Trade and bills payable as of December 31, 2022 and March 31, 2023 consisted of the followings:

	December 31,		March 31,
	2022		2023
Trade accounts payable	$	32,516,445	$	35,722,384
Bills payable
– Bank acceptance bills		34,974,990		41,824,698
– Letter of credit		-		218,376
	$	67,491,435	$	77,765,458

All the bills payable are of trading nature and will mature within one year from the issue date.

The bank acceptance bills were pledged by:

(i) the Company’s bank deposits (Note 2);

(ii) $3.4 million and $4.9 million of the Company’s bills receivable as of December 31, 2022 and March 31, 2023, respectively (Note 3).

(iii) the Company’s prepaid land use rights (note 9)